Investors Sue Bank of America Over Disclosures After More Than $1.21 Billion in Penalties

Bank of America investors filed a class action in federal court in New York on Nov. 12, alleging the bank misled shareholders about anti-money-laundering controls before Treasury announced more than $1.21 billion in penalties.

The complaint says Bank of America assured shareholders its compliance programs were sound while its systems were failing. It also alleges the bank put revenue priorities ahead of the resources required for compliance.

The complaint cites a December 2024 consent order from the Office of the Comptroller of the Currency (OCC), which it says found that the bank’s subsidiary had not maintained effective anti-money-laundering and sanctions programs. It also cites OCC findings about internal controls, testing, training and oversight.

On Oct. 13, 2026, Treasury announced more than $1.21 billion in federal penalties against Bank of America for anti-money-laundering and sanctions violations. The complaint alleges the subsidiary admitted to willfully violating federal anti-money-laundering law and failing to report more than $5 billion in suspicious transactions to the Financial Crimes Enforcement Network (FinCEN).

The proposed class covers investors who bought Bank of America common stock or Series QQ preferred depositary shares from Jan. 20, 2022, through Oct. 13, 2026. The allegations have not been tested in court, and no court has ruled on them.